Energy Partners, Ltd. (fka ERPLQ)

[la izzy]

i am down 1707.00 position only worth $630.00 now. i'm in till the end down or up hopefully up. will buy 10mill if it goes to .0001

[Golden11]

I just heard the original CEO who has of course left the company now, has sold everything. Any thoughts?

[la izzy]

actually 1800.00 but that dont make a baller gltu

[Golden11]

Oooh Izzy's a baller now

[la izzy]

very fair. i am up 1000.00 with the conversion

[la izzy]

shares converted this am... i'm good. glta

[la izzy]

Current stockholders will receive approximately 0.06166332

shares of reorganized EPL common stock per share of existing

common stock held,


holders of the Company's 8.75% Senior
Notes due 2010 will receive approximately 82.04816992 shares of reorganized EPL common stock per $1,000 in principal amount held, holders of the Company's 9.75% Senior Unsecured Notes due 2014 will receive approximately 84.55394278 shares of reorganized EPL common stock for each $1,000 in principal amount held and holders of the Company's Senior Floating Notes due 2013 will receive approximately 81.76345569 shares of reorganized EPL common stock per $1,000 in principal amount held.

[la izzy]

ok wimps quit holding your breath. if it's good or bad WE WILL SURVIVE ..... lets see some balls

[la izzy]

very fare we will be better off

[Golden11]

Doesnt seem fair

[la izzy]

i think we will have less shares valued at $9 plus

[Golden11]

Ive called EPL and left a message, I'd like to find out how theyll transfer as well. I was told by etrade that they had no information to give. Would the value jump to the EPL value or would they cut the shares to the equivalent value? EPL's around $10 Ill take the 2500% jump.

[la izzy]

will our shares be converted to epl shares?

[BIGKMAN]

Yes they confused me months ago when they were talking about certs etc....
Wish would have held those since it go to .40's

[Seminole Red]

it looks like they have must have something going on or they wouldnt be able to borrow all that money...

it confuses me ??/

[BIGKMAN]

I will be the first to admit I have no idea what this means.
But to me it doesn't sound so good?
Anyone who knows what there doing want to chime in?
Thanks in Advance.

[Seminole Red]

473 Million of Debt Converted to Equity


NEW ORLEANS, Sept. 21 /PRNewswire-FirstCall/ -- Energy Partners, Ltd. ("EPL" or, the "Company") (Pink Sheets: ERPLQ) (NYSE: EPL) announced that its Second Amended Joint Plan of Reorganization as modified as of September 16, 2009 (the "Plan"), filed with the United States Bankruptcy Court for the Southern District of Texas, became effective today, marking EPL's emergence from its voluntary Chapter 11 restructuring. EPL also announced that it has entered into a $70 million credit facility led by General Electric Capital Corporation that will be immediately available to provide the Company with additional operating liquidity.




"Today Energy Partners reached the final milestone in what has been a very deliberate and successful financial restructuring," said Alan D. Bell, Chief Restructuring Officer. "By converting a substantial amount of our debt to equity, we emerge from Chapter 11 with a much-improved capital structure. Our enhanced financial flexibility, including our new exit financing facility, will position us well within our industry. We are pleased to have completed this process so quickly through close collaboration with our stakeholders. The completion of our financial restructuring is a testament to the strength of our underlying business and we appreciate the unwavering support of our employees and vendors through this process."



The Company entered into a $70 million senior secured credit facility with General Electric Capital Corporation as administrative agent and two financial institutions as lenders consisting of a $25 million term loan and a three-year revolving credit facility with $45 million available at closing. The Company also issued Senior Subordinated Secured PIK Notes due 2014 (the "Notes") in an aggregate principal amount of $61.112 million pursuant to an Indenture with The Bank of New York Mellon Trust Company, N.A., as trustee. The Company received net proceeds of $55 million at closing from the issuance of the Notes. At the closing, the Company has drawn $25 million under the revolving credit facility.



In accordance with the terms of the Plan, the holders of the Company's (i) 8.75% Senior Notes due 2010, (ii) 9.75% Senior Unsecured Notes due 2014 and (iii) Senior Floating Notes due 2013 collectively will receive their pro rata share of 95% of the outstanding common stock in the reorganized Company upon its emergence from bankruptcy, and the existing stockholders in the Company will receive the remaining 5%, in each case prior to any issuance of shares or options under customary employee incentive arrangements. Under the Plan, EPL will issue a total of 40 million shares of reorganized EPL common stock.



Current stockholders will receive approximately 0.06166332 shares of reorganized EPL common stock per share of existing common stock held, holders of the Company's 8.75% Senior Notes due 2010 will receive approximately 82.04816992 shares of reorganized EPL common stock per $1,000 in principal amount held, holders of the Company's 9.75% Senior Unsecured Notes due 2014 will receive approximately 84.55394278 shares of reorganized EPL common stock for each $1,000 in principal amount held and holders of the Company's Senior Floating Notes due 2013 will receive approximately 81.76345569 shares of reorganized EPL common stock per $1,000 in principal amount held.



The reorganized EPL common stock will trade on the New York Stock Exchange under the ticker symbol EPL, and the Company anticipates that the reorganized common stock will begin trading later this week. In addition to the 40 million shares to be issued under the Plan, EPL has reserved 1.237 million shares for issuance pursuant to the terms of its 2009 Long Term Incentive Plan.



As previously announced, in accordance with the terms set forth in the Plan, unsecured creditors are to be paid in full for all allowed prepetition obligations in cash. The Company anticipates making these payments to unsecured creditors shortly.



EPL has also satisfied its obligations to the Minerals Management Service ("MMS"), due upon its emergence from bankruptcy. As a result, the MMS' March 23, 2009 order has been rescinded and the Company is in the process of restoring production at the federal portion of its East Bay field.



In conjunction with its emergence from Chapter 11, EPL appointed a new Chief Executive Officer and Board of Directors effective immediately. EPL has provided additional detail on these appointments in a separate press release issued September 21, 2009.

[la izzy]

i was told to buy at .09 but bought at .29 i have faith that the la gas industry will come back and will see $15 or $20 by 2q2010

[coachum]

looks like it t me.

[BIGKMAN]

I have been watching this one lately.
Is it ready for another run up?

[coachum]

Ya we get that news and it trades down? Makes me scratch my head, but I guess I'll add some more tomorrow and count my blessings. It's been trading almost a month sidways... May need a little time for news to spread.

[Cowboy]

Very interesting....sounds like commons will not be canceled

Under the terms of the plan of reorganization, the holders of the Company' senior notes (collectively, the "Noteholders") will receive their pro rata share of 95% of the outstanding common stock in the reorganized Company upon its emergence from bankruptcy, and the current stockholders in the Company will receive the remaining 5%, in each case prior to any issuance of shares or options under customary employee incentive arrangements.

[vinnybotz]

what do u make of the restructuring news??

[Cowboy]

Whata ride this has been and a BIG surprise to boot.

[mike_t]

Well I'll be. What a day too bad i'm out .. sheeesh now it runs lol

[softballdaddy]

Teach you to warn people that this may be a bad buy and provide DD...oh never mind ..your warnings were removed by the head pumper/moderator

most people don't want to know or do their DD from fellow IHUBBERS while it is being pumped...

now is anyone playing a dead cat bounce on this one

[kcunleashed]

Boy, this stock is doing so much better since I left. Good job boys.

[JJdivini]

.10x.11 (4x2)

[rheddle]

Looking pretty good IMO. Watching for entry..... last time I did that (yesterday pm), I missed out on 10 bags, so this may go up 1000% tomorrow on that basis LMAO !

[JJdivini]

ERPLQ chart; currently even w/ solid bid support...

[rheddle]

Good buy by the looks of it - on watch.

[Cowboy]

Energy Partners, Ltd.: Court Enters Order Restricting Trading by "Substantial Equityholders"

On Tuesday May 12, 2009, 6:19 pm EDT

NEW ORLEANS--(BUSINESS WIRE)--Energy Partners, Ltd. (Pink Sheets: ERPLQ.PK - News) and certain of its domestic subsidiaries (the “Debtors”) today announced that, on May 8, 2009, the United States Bankruptcy Court for the Southern District of Texas, Houston Division entered an interim order (the “Interim Order”) granting the Debtors’ request to restrict certain equity trading in order assist the Debtors in preserving their net operating losses and other tax attributes. In accordance with the terms of the Interim Order, the Debtors provide the following notice:
TO ALL PERSONS OR ENTITIES WITH EQUITY INTERESTS IN THE DEBTORS

PLEASE TAKE NOTICE OF THE FOLLOWING


1. On May 1, 2009 ("Petition Date"), the above-captioned debtors and debtors in possession (collectively, the "Debtors") commenced cases under chapter 11 of title 11 of the United States Code (the "Bankruptcy Code").


2. On May 8, 2009, the United States Bankruptcy Court for the Southern District of Texas (the "Court") entered an interim order (the "Interim Order"), approving the procedures set forth below (the "Notification Procedures") in order to assist the Debtors in preserving their net operating losses and other tax attributes ("NOLs"). Any purchase, sale, trade or other transfer of equity securities in Debtor Energy Partners, Ltd. ("EPL") that is subject to the procedures set forth below, but which violates them, shall be null and void and shall confer no rights on the transferee.


3. A hearing on the Debtors' request for a final order (a "Final Order") approving the Notification Procedures in substantially the form set forth in the Interim Order shall be held on June 10, 2009 at 10:30 a.m., Central Standard Time, before the Honorable Jeff Bohm at 515 Rusk Street, Courtroom 600, Houston, Texas 77002. Objections to entry of such Final Order must be filed with the Court and be served so as to be actually received by 4:00 p.m., Central Standard Time, on June 5, 2009, by (a) the office of the United States Trustee for the Southern District of Texas, (b) the Debtors, at 201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170 (Attn: T.J. Thom) and (c) counsel to EPL, Vinson & Elkins LLP, at 2001 Ross Avenue, Suite 3700, Dallas, Texas 75201 (Attn: Paul E. Heath).


4. If a Final Order is entered at such hearing, such Final Order may be obtained (a) free of charge at the website of the Debtors' claims and noticing agent, http:chapter11.epiqsystems.com/EPL or (b) by contacting Epiq Bankruptcy Solutions LLC by (i) e-mail to [e-mail]; (ii) telephone at [phone]; (iii) fax at 646-282-2501; or (iv) regular mail: 757 Third Avenue, Third Floor, New York, New York 10017, Attn: Hugo Suarez.


5. Pursuant to the Order, the following procedures shall apply to holding and trading in equity securities of EPL:


(a)
Procedure for Trading in Equity Securities

(i) Certain Defined Terms. For purposes of this Motion, the Interim Order and the Final Order: (A) a "Substantial Equityholder" is any person or entity that beneficially owns at least 1,448,881 shares (representing approximately 4.5% of the 32,197,360 issued and outstanding shares) of the common stock of EPL; (B) "beneficial ownership" of equity securities shall be determined in accordance with applicable rules under section 382 of the IRC and regulations promulgated thereunder and, to the extent provided therein, shall include direct and indirect ownership (e.g., a holding company would be considered to beneficially own all shares owned or acquired by its subsidiaries), ownership by such holder's family members and persons acting in concert with such holder to make a coordinated acquisition of stock and ownership of shares that such holder has an option to acquire; and (C) an "option" to acquire stock includes any contingent purchase, warrant, convertible debt, put, stock subject to risk of forfeiture, contract to acquire stock or similar interest, regardless of whether it is contingent or otherwise not currently exercisable.


(ii) Notice of Substantial Equityholder Status. Any person or entity who currently is or becomes a Substantial Equityholder shall (a) file with the Court, and (b) serve upon (i) the Debtors at Energy Partners, Ltd., 201 St. Charles, Suite 3400, New Orleans, LA 70170 (Attn: T.J. Thom); and (ii) bankruptcy counsel to the Debtors at Vinson & Elkins LLP, 2001 Ross Avenue, Suite 3700, Dallas, Texas 75201 (Attn: Paul E. Heath), a notice of such status, in the form attached to the Interim Order as Exhibit A (a "Notice of Substantial Equityholder Status"), on or before the later of (A) 20 days after entry of the Interim Order, for Substantial Equityholders as of entry of the Interim Order; (B) 20 days after entry of the Final Order, for persons or entities who become Substantial Equityholders after entry of the Interim Order but before 11 days after entry of the Final Order; or (C) ten days after becoming a Substantial Equityholder.


(iii) Stock Accumulation Notice. Prior to any transfer of equity securities (including options to acquire stock) that would result in an increase in the amount of common stock of EPL beneficially owned by a Substantial Equityholder or would result in a person or entity becoming a Substantial Equityholder, such Substantial Equityholder or potential Substantial Equityholder shall file with the Court, and serve on the Debtors and counsel to the Debtors (at the addresses set forth in paragraph 5(a)(ii) above), advance written notice of the intended transfer of equity securities, in the form attached to the Interim Order as Exhibit B (a "Stock Accumulation Notice").


(iv) Stock Disposition Notice. Prior to any transfer of equity securities (including options to acquire stock) that would result in a decrease in the amount of common stock of EPL beneficially owned by a Substantial Equityholder or would result in a person or entity ceasing to be a Substantial Equityholder, such Substantial Equityholder shall file with the Court, and serve on the Debtors and counsel to the Debtors (at the addresses set forth in paragraph 5(a)(ii) above), advance written notice of the intended transfer of equity securities, in the form attached to the Interim Order as Exhibit C (a "Stock Disposition Notice").


(v) Objection Procedures. The Debtors shall have 30 days after receipt of a Stock Accumulation Notice or a Stock Disposition Notice (each, a "Transfer Notice") to file with the Court and serve on the party filing the Transfer Notice an objection to the proposed transfer on the grounds that such transfer may adversely affect the Debtors' ability to utilize their NOLs or other tax attributes. If the Debtors file an objection, the proposed transaction will not be effective unless and until approved by a final and nonappealable order of this Court. If the Debtors do not object within such 30-day period, the transaction may proceed solely as set forth in the Transfer Notice. Further transactions within the scope of this paragraph must comply with the same noticing and 30-day objection procedures.


ANY PROHIBITED PURCHASE, SALE, TRADE OR OTHER TRANSFER OF EQUITY SECURITIES IN THE DEBTORS THAT IS SUBJECT TO THE ORDER, BUT WHICH VIOLATES THE TERMS THEREOF, WILL BE NULL AND VOID AND MAY RESULT IN THE IMPOSITION OF SANCTIONS BY THE BANKRUPTCY COURT.


6. The requirements set forth in this Notice are in addition to the requirements of Rule 3001(e) of the Federal Rules of Bankruptcy Procedure and applicable securities, corporate and other laws, and do not excuse compliance therewith.



Related Quotes
Symbol Price Change
ERPLQ.PK 0.1150 0.0000


{"s" : "erplq.pk","k" : "c10,l10,p20,t10","o" : "","j" : ""} Additional information about EPL’s restructuring, including access to court documents and other general information about the Chapter 11 cases, is available at http://chapter11.epiqsystems.com/EPL.

Security holders may obtain information regarding the Company from EPL's website at www.eplweb.com, from the Securities and Exchange Commission's website at www.sec.gov, or by directing a request to: Energy Partners, Ltd. 201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170, Attn: Secretary, [phone].


Contact:
Energy Partners, Ltd.
T.J. Thom, 504-799-4830
or
Media:
Joele Frank, Wilkinson Brimmer Katcher
Jeremy Jacobs/Jed Repko, 212-355-4449

[BIGKMAN]

Yup I bailed out the day it said its filing BK, on a friends advice.
He said warrants never amount to anything in most cases.
I have no idea what any of it means, so I just bailed out.
I am so upset becuse I was on vacation when this thing ran to .20.
Then got stuck waiting to see if BK was going to happen or not.
Then sold for a small loss.
Got to regroup and make it back somewhere else now.
IMO
Thanks for all your input on this one Cowboy.
If I was around I would have been up pretty big.

[Cowboy]

Ok here goes I will try and explain the best I can what is going on and where I think the shareholders stand....this after speaking with Al Petrie @ 504-799-4830.

As I understand and from reading this last PR it appears that the Senior note holders have the upper hand being the holders of the company's debt.

The way this is structured the Senior Note holders will own 100% of the outstanding shares....thats all of them.

The current shareholders will receive warrants that can be exercised for 12.5% of the common stock after the $455 million dollars is paid back to the Senior Note Holders...and the warrants have expiration dates assigned to them in this circumstance.

Anyway bottom line I feel like shareholders got hung out on this one and besides this is such a convoluted plan that even the IR person really does not understand it.

So until the company comes out with something more definitive I personally am going to sit on the sidelines. I have a position in the stock and will hang on to see what comes out the other side but right now I'm not very happy with what the company has structured in this process since I don't see much advantage for the stockholders.

But who knows the warrants could be worth something and the price of oil and gas will likely go up...like I said..."WHO KNOWS?"

I would welcome any comments in this matter especially from someone who understands what this whole process is about.

[Cowboy]

Ah we finally got our "Q"...at least thats out of the way.

[mike_t]

"Energy Partners is not going out of business. It's not a liquidation," said Energy Partners Vice President T.J. Thom. "We have full belief that we'll be operating our business without interruption" during the reorganization.

"I feel .¥.¥. that they got caught in the cross hairs of the circumstances and that something good will emerge from this," said Don Briggs, president of the Louisiana Oil and Gas Association. "I do feel that .¥.¥. they will survive."


Richard Tullis, an energy analyst with Capital One Southcoast in New Orleans, agreed.

"It's possible Energy Partners could emerge as a leaner company, hopefully in a time of stronger commodity prices," Tullis said. "It's possible that this could work to their advantage. One of the reasons Chapter 11 is available is so that companies can take a breather and work things out, particularly when they have the debtholders on board."

According to documents filed with the U.S. Bankruptcy Court in the Southern District of Texas, at the end of 2008 Energy Partners had roughly $770.4 million in total assets and $708.4 million in total debt

http://blog.nola.com/tpmoney/2009/05/energy_partners_files_chapter.html

[di4]

EPL Receives Court Approval on All "First-Day Motions" in Its Voluntary Chapter 11 Filing
Operations to continue in the ordinary course
May 4, 2009 8:30:00 AM
Copyright Business Wire 2009


Email Story Discuss on ZenoBank

View Additional ProfilesNEW ORLEANS--(BUSINESS WIRE)-- Energy Partners, Ltd. ("EPL" or, the "Company") (Pink Sheets: ERPL.PK) today announced the approval of all of its first-day motions by the United States Bankruptcy Court for the Southern District of Texas, Houston Division.

On May 1, 2009, the Company received Court approval during its first-day hearings to, among other things, pay employee wages and continue healthcare and related benefit plans during its restructuring under Chapter 11 on an interim basis. EPL has also received interim authority to maintain its cash management systems and for the use of its cash collateral. At the time of filing, EPL had in excess of $13 million in cash on hand. As it proceeds with its financial restructuring, the Company expects, based on current commodity prices, that its cash on hand and cash from operating activities will be adequate to fund its projected cash needs, including the payment of operating costs and expenses.

"We are pleased that the Court has granted these approvals so quickly," said Alan D. Bell, Chief Restructuring Officer. "Gaining these approvals will allow us to continue to operate in the ordinary course as we proceed through our restructuring process as planned. We intend to work closely with all of our constituencies to facilitate a controlled and expeditious process, and we look forward to emerging as a stronger and more competitive company."

The Company's lead Chapter 11 petition has been assigned case number 09-32957. Additional information about EPL's restructuring, including access to court documents and other general information about the Chapter 11 cases, is available at http://chapter11.epiqsystems.com/EPL.

Forward-Looking Statements

This press release may contain forward-looking information and statements regarding EPL. Any statements included in this press release that address activities, events or developments that EPL expects, believes, plans, projects, estimates or anticipates will or may occur in the future are forward-looking statements. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include:

-- our inability to continue business operations during the Chapter 11
proceeding;
-- our ability to obtain court approval of our plan of reorganization and
various other motions we expect to file as part of the Chapter 11
proceeding;
-- our ability to consummate our plan of reorganization as currently
planned;
-- risks associated with third party motions in the Chapter 11 proceeding,
which may interfere with our reorganization as currently planned;
-- the potential adverse effects of the Chapter 11 proceeding on our
liquidity and results of operations;
-- our ability to retain and motivate key executives and other necessary
personnel while seeking to implement our plan of reorganization;
-- our ability to continue as a going concern;
-- discussions with our bank lender group, our noteholders, our other
creditors and the Minerals Management Service;
-- changes in general economic conditions;
-- uncertainties in reserve and production estimates;
-- unanticipated recovery or production problems;
-- unanticipated results from wells being drilled or completed;
-- the effects of delays in completion of gas gathering systems, pipelines
and processing facilities;
-- oil and natural gas prices and competition;
-- the impact of derivative positions;
-- production expense estimates;
-- cash flow estimates;
-- future financial performance;
-- planned capital expenditures; and
-- other matters that are discussed in EPL's filings with the Securities
and Exchange Commission.

These statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Please refer to EPL's filings with the SEC, including Form 10-K for the year ended December 31, 2007, Form 10-Q for the quarter ended September 30, 2008, Notification of Late Filing on Form 12b-25 related to EPL's Form 10-K for the year ended December 31, 2008 and current reports on Form 8-K, for a discussion of these risks.

Additional Information and Where to Find It

Security holders may obtain information regarding the Company from EPL's website at www.eplweb.com, from the Securities and Exchange Commission's website at www.sec.gov, or by directing a request to: Energy Partners, Ltd. 201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170, Attn: Secretary, [phone].




Source: Energy Partners, Ltd.


----------------------------------------------
Energy Partners
Ltd.
T.J. Thom
504-799-4830
or
Media:
Joele Frank
Wilkinson Brimmer Katcher
Jeremy Jacobs/Jed Repko
212-355-4449

[Cowboy]

that depends if the company comes back they are worth a lot more....once they get sorted out I think they will do fine.

ERPL has a lot going for it and its had hard times before and survived, I see this as no different

[BIGKMAN]

What you think about these "warrants"
Aren't they usually worthless?

[Cowboy]

ouch....bought some 6's today

[BIGKMAN]

Fricken Ameriturd not working.
Tried to get out of what I had left first thing this morning and their Fricken site isn't working!
Guess I am screwed on that....

[BIGKMAN]

Oh well....

[di4]

EPL Announces Agreement with Senior Noteholders and Files for Reorganization under Chapter 11 of the U.S. Bankruptcy Code
Operations to continue in the ordinary course
May 1, 2009 5:43:00 AM
Copyright Business Wire 2009


Email Story Discuss on ZenoBank

View Additional ProfilesNEW ORLEANS--(BUSINESS WIRE)-- Energy Partners, Ltd. ("EPL" or, the "Company") (Pink Sheets: ERPL.PK) announced today that it and certain of its domestic subsidiaries have filed voluntary petitions for reorganization (the "Chapter 11 Cases") under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. EPL has reached an agreement with an ad hoc committee of the Company's senior noteholders on the terms of a comprehensive financial restructuring that would substantially reduce the Company's indebtedness and provide a long-term solution for its balance sheet. The Company and its subsidiaries will continue to manage their properties and operate their businesses in the ordinary course throughout the Chapter 11 process while the Company seeks confirmation of its reorganization plans under the jurisdiction of the Bankruptcy court.

The Chapter 11 Cases were filed pursuant to a Plan Support and Lock-Up Agreement (the "Plan Support Agreement"), dated as of April 30, 2009, among the Company and holders of more than 66.6% (the "Consenting Holders") of the outstanding principal amount of the Company's 9.75% Senior Unsecured Notes due 2014 and the Company's Senior Floating Notes due 2013 (collectively, the "Senior Notes"). The Plan Support Agreement requires the Consenting Holders to vote in favor of and support a proposed plan of reorganization of the Company and its subsidiaries to be filed under the Bankruptcy Code on the terms and conditions set forth in the term sheet attached as an exhibit to the Plan Support Agreement.

"During the past year, an extraordinary confluence of factors led to our need to pursue this financial restructuring, including the impact of hurricanes, the collapse of the credit markets, sharply declining commodity prices and a resulting deficiency in the Company's borrowing base," said Alan D. Bell, Chief Restructuring Officer. "The Board and management believe this financial restructuring is a necessary and prudent step and represents the best path forward for EPL's future. In addition, having a pre-negotiated plan of reorganization will allow us to target an accelerated timeline for emergence from bankruptcy, at which point we expect to be a stronger, more competitive company."

Mr. Bell continued, "I would like to acknowledge our noteholders, whose support throughout this process speaks to the inherent strengths of our business. The Chapter 11 process allows us to preserve the value of our assets and to operate our business without interruption while we implement our restructuring in a controlled, court-supervised environment. I would also like to thank our employees, whose hard work and dedication has been essential to our continued operations."

At the time of filing, EPL had in excess of $13 million in cash on hand. As it proceeds with its financial restructuring, the Company expects, based on current commodity prices, that its cash on hand and cash from operating activities will be adequate to fund its projected cash needs, including the payment of operating costs and expenses.

In addition to the filing of the Chapter 11 Cases, EPL asked the Bankruptcy court to consider several "first day" motions on an expedited basis benefiting its employees, vendors, and other service providers. Importantly, the Company intends, under the plan of reorganization, to pay all its vendors and other service providers in full, whether their claims arose prior to or after the filing of the Chapter 11 cases, and to continue paying its employees' salaries and benefits and to maintain its cash management systems.

Under the plan of reorganization contemplated by the term sheet attached as part of the Plan Support Agreement, the Company may, in its discretion, enter into a debtor-in-possession, multi-draw term loan facility (the "DIP Facility") to provide the Company with working capital while the Chapter 11 Cases are pending. Upon the effectiveness of the plan of reorganization, the Company expects to enter into a first lien working capital facility that the Company expects to negotiate while the Chapter 11 Cases are pending. The Company has agreed with the Consenting Holders not to make any principal payments on its existing credit agreement while the Chapter 11 Cases are pending. The Company expects to treat the amounts outstanding under its existing credit agreement in a manner mutually acceptable to the Company, the bank lenders thereunder and the Consenting Holders upon the emergence of the Company from bankruptcy.

Under the terms of the plan of reorganization, the holders of the Senior Notes and the holders of the Company's 8.75% Senior Notes due 2010 would receive their pro rata share of 100% of the outstanding common stock in the reorganized Company upon its emergence from bankruptcy. In addition, the current stockholders of the Company would receive warrants exercisable for 12.5% of the common stock of the reorganized Company. These warrants would be issued in two classes, with 50% of the warrants expiring on the earlier to occur of 30 months after the effective date of the plan of reorganization and a change of control of the reorganized Company, and the remaining 50% of the warrants expiring on the earlier to occur of 54 months after the effective date of the plan of reorganization and a change of control of the reorganized Company. The warrants would have an initial exercise price equal to (i) the sum of (x) $455 million and (y) the aggregate exercise price of any stock options for the reorganized Company's common stock outstanding as of the effective date of the plan of reorganization, divided by (ii) the number of shares of fully diluted common stock of the reorganized Company as of such effective date.

The Consenting Holders may terminate the Plan Support Agreement under certain circumstances, including if (i) the Company fails to file or obtain the Bankruptcy court's approval and confirmation of the plan of reorganization or related disclosure statement or consummate the restructuring provided for in the plan of reorganization in accordance with the schedule set forth in the Plan Support Agreement; (ii) the Company supports a plan of reorganization that is different from the plan of reorganization contemplated by the Plan Support Agreement or withdraws or revokes the plan of reorganization contemplated by the Plan Support Agreement; (iii) the Company materially breaches any of its obligations or fails to satisfy in any material respect any of the terms or conditions under the Plan Support Agreement; (iv) an examiner with expanded powers relating to the Company's business or a trustee is appointed in any of the Chapter 11 Cases, any of the Chapter 11 Cases are converted to a case under Chapter 7 of the Bankruptcy Code or any of the Chapter 11 Cases are dismissed by the Bankruptcy court; (v) the Company's aggregate liabilities as of the dates specified in the term sheet attached as part of the Plan Support Agreement (other than liabilities that are extinguished by or otherwise do not survive the Chapter 11 Cases) materially exceed the amounts set forth in such term sheet; or (vi) any definitive documents executed by the Company in connection with the Chapter 11 Cases in order to implement the plan of reorganization are not consistent in all material respects with the terms set forth in the term sheet attached as part of the Plan Support Agreement and otherwise are not reasonably satisfactory in all material respects to the Consenting Holders. In any event, the Plan Support Agreement terminates on September 15, 2009.

The plan of reorganization is subject to confirmation by the Bankruptcy court and the approval of the impaired classes. The Company expects the Bankruptcy court to enter a ruling on the plan of reorganization prior to August 15, 2009.

EPL has retained Vinson & Elkins LLP as legal counsel, and Parkman Whaling LLC as financial advisor.

Additional information about EPL's restructuring, including access to court documents and other general information about the Chapter 11 cases, is available at http://chapter11.epiqsystems.com/EPL.

Forward-Looking Statements

This press release may contain forward-looking information and statements regarding EPL. Any statements included in this press release that address activities, events or developments that EPL expects, believes, plans, projects, estimates or anticipates will or may occur in the future are forward-looking statements. We believe these judgments are reasonable, but actual results may differ materially due to a variety of important factors. Among other items, such factors might include:

-- our inability to continue business operations during the Chapter 11
proceeding;
-- our ability to obtain court approval of our plan of reorganization and
various other motions we expect to file as part of the Chapter 11
proceeding;
-- our ability to consummate our plan of reorganization as currently
planned;
-- risks associated with third party motions in the Chapter 11 proceeding,
which may interfere with our reorganization as currently planned;
-- the potential adverse effects of the Chapter 11 proceeding on our
liquidity and results of operations;
-- our ability to retain and motivate key executives and other necessary
personnel while seeking to implement our plan of reorganization;
-- our ability to continue as a going concern;
-- discussions with our bank lender group, our noteholders, our other
creditors and the Minerals Management Service;
-- changes in general economic conditions;
-- uncertainties in reserve and production estimates;
-- unanticipated recovery or production problems;
-- unanticipated results from wells being drilled or completed;
-- the effects of delays in completion of gas gathering systems, pipelines
and processing facilities;
-- oil and natural gas prices and competition;
-- the impact of derivative positions;
-- production expense estimates;
-- cash flow estimates;
-- future financial performance;
-- planned capital expenditures; and
-- other matters that are discussed in EPL's filings with the Securities
and Exchange Commission.

These statements are based on current expectations and projections about future events and involve known and unknown risks, uncertainties, and other factors that may cause actual results and performance to be materially different from any future results or performance expressed or implied by these forward-looking statements. Please refer to EPL's filings with the SEC, including Form 10-K for the year ended December 31, 2007, Form 10-Q for the quarter ended September 30, 2008, Notification of Late Filing on Form 12b-25 related to EPL's Form 10-K for the year ended December 31, 2008 and current reports on Form 8-K, for a discussion of these risks.

Additional Information and Where to Find It

Security holders may obtain information regarding the Company from EPL's website at www.eplweb.com, from the Securities and Exchange Commission's website at www.sec.gov, or by directing a request to: Energy Partners, Ltd. 201 St. Charles Avenue, Suite 3400, New Orleans, Louisiana 70170, Attn: Secretary, [phone].



Source: Energy Partners, Ltd.


----------------------------------------------
Energy Partners
Ltd.
T.J. Thom
504-799-4830
or
Media:
Joele Frank
Wilkinson Brimmer Katcher
Jeremy Jacobs/Jed Repko
212-355-4449

[BIGKMAN]

Just saw that 300,000 share dump to know it down.
I though tomorrow was the last day of the extension with the banks?

[Cowboy]

Really everytime I turn around this is getting whacked then I have to buy more..lol

Whats "judgement" day?

[BIGKMAN]

Are they going to walk it down more today?
Is tomorrow still "judgement day" for this one?

[BIGKMAN]

Not much volume today.
Everyone waiting for 5/1 maybe?

[BIGKMAN]

I saw that post myself.
Lets hope he is right!

Keep in mind there are tons of highly negative posts on Yahoo over the last year as well.
Look under EPL.

IMO

[rayn]

Here is a Yahoo post from someone who spoke to IR today.

"Spoke to Alan today and he indicated that the negotiations were ongoing. He seemed optimistic, but wasn't able to provide any more detail other than in his view the company is viable. He did say that he still has all of his shares and that the employees are in the same boat as other investors in terms of when the news is released. Overall he seemed positive."

[BIGKMAN]

Sure does, looks like some EOD dumpage as well.
IMO